QUEER BEHAVIOUR OF BANKRUPT

Dominion, Volume 11, Issue 10, 6 October 1917, Page 8

QUEER BEHAVIOUR OF BANKRUPT

SCHAEF'S INSOLVENCY

REFUSES TO GIVE INFORMATION

PUBLIC EXAMINATION TO

FOLLOW

Creditors in the estate of Arthur Valdomar Schaef, photographer. Wellington, met at. tho office of the Official Assignee yesterday. Mr. Tansley {Assignee) presided. Among Schnef's chief liabilities is an amount given as damages in the recent suit for elander Inken against him by the Misses Davey. Amount* owing to unsecured creditors total j:7KO 13s. .'id. There are no secured creditors. Stock-in-trade (furniture included) in his premises was valued ;it .£lO, leaving a deficiency of JJ72O 13s. 3d. The principal creditors (who were represented by Sir. T. Young) are Misses 1. aud O. Davey, JE7OI 1S&.; Dr. Martin, .£l2; aud Dr. Hislnp, ,£lO.

Information Wanted. Mr. Young said there were several things he desired to ask Schnef. He stated that ho had evidence to the effect that on July D Schaef sold a, property for .£2500, and on July 10 received ,£ISOO in cash Te4pecting the transaction. In 1916 Mrs. Schaef sold a Hiropi Street property for .£BOO. He wished to know what had become of ,£230, tho proceeds from the sale of an Island Bay property in 1911). lie also wanted information about Schaef'a banking operations. The Assignee said tho Post Office Bank authorities ha:l promised a. star.eraivnt. The bankrupt's books did not disclose particulars of property transactions. Up to this time bankrupt had not appeared, but at about noon (an hour after the appointed time) ho appeared, accompanied by his solicitor, Mr. T. M. Wilford, who had been engaged in court. Just prior to Scbaef's coming the Assignee had agreed to issue a. warrant for his arrest if he did not soon appear. When he did appear the Assignee remonstrated with him for being so late. Mr. Wilford said ho felt that he was responsible. Schaef was put on his oath. He said that he had been in business in Wellington for about 18 years. He had always been able to pay his way, and had never had to sell his stock-in-trade to meet expenses. In the last three months he had sold certain stock-in-trade. He ■wag always doing that with articles he did not require. Mr. Wilford: What did the sale of the stock-in-trade bring? The Assignee: c £3s. Bankrupt said there had been some trickery at that sale. Asked what he had done with the proceeds of his sales, Schaof 'fiaid that most of the money went in an aeroplane venture, and that he had spent a lot on a Trip Home. TTiu Assignee asked Schaef if he had received any money since he was made ,a bankrupt on September 25. Bankrupt replied that he could not say. Hβ also said that he did not re-nic-mber getting some from JoTTnston and Co. on September 27. If ho had received some money from that source he -would probably have spent it on food. 'Schaef loudly declared that he was the had met with a street accident, in which he had been hit on the head by a trestle, his memory had boon dofectivd... He only got about an hour's sleep a night, and that with this worry would drive him the asylum.

Bankrupt's Memory. The Assignee: Have you ever thought of giving up your photograph business ? Scbaei: 2so; I cannot. The Assignee: yet you sold the things you need for your business! Schaef: Yes. I never bought more than a little at a time. To Mr. Young: He kopt no books whict would show his position. His only bank book was a Post Office Bank hook, and he did not remember when he closed that. Mr. Young: You drew -£300 a few weeks ago and closed your account! Schaei": I cannot remembev what I. drew. Mr.Toung: What did you do with the money ? Schaof: I decline- to answer. Mr. Young; You know, of course, what that will lead to? Schaef: To gaol. I am going to take it out, 100. Schaef loudly declaimed that ho was the victim of a conspiracy, and that he had no right to be in the position he nowfound himself. There was some suggestion uf sending for a constable. Schaef became quieter. Mr. Young: You sold a properly on July 10? ScWf: I cannot answer, hut tho property is sold. Mr. Young: And (he price was J^IOO.- , Schaof: I got no .£2500. Mr. Young: Didn't you get ,Clooo above mortgages? Schaef: Yes. Mr. Young: Where is the money i Schaef: I decline to answer. Proceeding, Schaef said he had not thought it necessary to account for that money in his statement. Ho continued, in reptf to questions: "I deolino to say whether I have invested the money. I propose to keep it from two women and you. I hope to pay my other creditors out of it. I got legal value from them, the furniture in my house belongs to my wife. I can't recollect how long it has belonged to her— perhaps, about 18 years. 1 hnve never transferred it to her by document. Sho bought some at Clrcyoioiilh and some here, and she paid for it. Sho has.her own income. 1 decline to answer where tho income comes from. Sho gets it from rents. Sho acquired properly in Hiropi Street by exchange for some ICarori property about eight years ago. J. cwuiot remember the price—it is no business of mine. I was in partnership with J. Smith and R. M. Green in a properly at Island Bay. 1 cannot recollect if it was sold Inst year It rost. $,\\ per foot, and was sold for about. £b per foot. It don't think I gut anything out of it, and I cannot sh.v ■ if it was sold for or whet her another portion .was .sold for -ETti. I have no record of theso transaction* in my bool<s. I had a. motor bicycle, and cannot pay when 'J disposed of it. I sold it to my brother Guido for .CIO. 1 decline to say where that money is. 1 did not remove any plant from the studio just before or after my bankruptcy. 1 have no property other than that mentioned in my statement. I will not say what 1 did with the ,£ISOO, because 1 got u niisjudfrmenl in the Supreme Court. If I had the money I would decline lo hand il. to tho Official Assignee. I do not intend lo give any information about the .CISOII or about Post, Office. Savings BnnV withdrawals. The bankrupt was agkprl to sign the statement he had made. Tie refused to do so. Mr. Young nsked the Assignee to proceed to havti tho l-iiinkrunl publicly examined. The Assignee decided to take that, course.

Sir J. Madden, K.C.M.G.. etc.. Lieuten-ant-Governor and Chief Justice of Victoria, when delivering judgment in a enso in which an inferior substitute hnd been pushed afl "jnsfc as Rood" as SANGER'S EITCLATPTT EXTRACT, said with regard to the GENUINE SANDER EXTRACT: "Whenever an article is commended to the public by rea.-*in of its good fl.u.i.lity, it is not p<rr"issiW" lo imitate any of its features." -When nsing a medicine it is "sood finality" that yon want, and SANDER'S EXTRACT has tho endorsement and approval of tho highest authorities. Inhaled, n.nnlied locally, taken on euqivr or in water as directed, SANDER'S EXTRACT is equally beneficial because it is Rnecin.l- - refined and prepared by Sander's procWis and contains no harmful by-effects. TJ«e' SANDER'S EXTRACT only when vnn desiro good and lastin? effects-, no "just as good."—Advt.

On Wednesday, November 7, Messrs. Harconrt and Co. will offer for silo 58 sections situated at JGiamar.